From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Pending, actionable supply is roughly equal to the entire existing float. The Series B Preferred (733,853 shares, $100 stated value) converts at $100 divided by the LOWER of the prior two days' closing bids — a floorless, floating conversion that mechanically issues MORE shares as the price falls; 205,627,016 conversion shares are already registered and effective (S-1 333-297408, effective 2026-07-15) and become convertible on the 45th day after issuance, i.e. ~2026-08-31, and the company is separately obligated to register still more conversion shares after an authorized-share increase. On top of that sit ~114.5M unexercised July 2026 pre-funded warrants and 4.1M Indigo pre-funded warrants at $0.0001 — deep in the money at a $0.04 print and exercisable immediately with cashless rights. Realized dilution is equally extreme: shares outstanding grew 107% in a single quarter (179.0M on 2026-05-15 to 370.5M on 2026-08-12) and roughly 23x on a split-adjusted 12-month basis. Recent activity is relentless: 56,195,437 SEPA shares and 68,146,095 warrant-exercise shares in H1 2026 alone, with ~$97M of SEPA capacity still undrawn and the 60M-share S-3 resale registration effective. Counterparty roster (Yorkville/YA II PN, Indigo Capital, 1800 Diagonal Lending, Brick Lane, Bomore, Torcross, Boot Capital, Liqueous) is a who's-who of variable-rate microcap lenders. Two reverse splits (40-for-1 in 2024, 1-for-4.99 in 2026) with a third already stockholder-approved for the OTC market complete the reset cycle. The only mitigants are temporary: a ~90-day issuance standstill and a six-month Variable Rate Transaction prohibition from mid-July 2026, and the 205.6M cap on Series B conversion shares until the authorized-share increase — none of which prevent the Series B itself from converting.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (OTC:BURU). Adjusted based on SEC filing analysis.
Reported float + filing adjustments
HIGH confidence
Registered and convertible shares that could enter the float relative to current float size.
Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.
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Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continue- 1-for-40·Jul 23, 2024~2 yr ago
- 1:4.99·Mar 2, 2026~6 mo ago
- ▸Series B Preferred Stock with floorless floating conversion (lower of two prior days' closing bid) — 205,627,016 registered conversion shares unlocking ~2026-08-31, plus additional shares after an authorized-share increase
- ▸~114.5M unexercised July 2026 pre-funded warrants at $0.0001 with cashless exercise and a 9.99% blocker
- ▸4,089,084 Indigo Capital pre-funded warrants at nominal strike
- ▸YA II PN SEPA equity line — ~$97M of the $100M commitment undrawn; 60,000,000 resale shares registered on S-3 333-295324 (effective 2026-05-12); paused only ~90 days from July 2026
- ▸2026 Brick Lane H&K Investment Note — up to 19,841,664 conversion shares, resale registration required but not yet filed
- ▸Aggregate convertible notes of ~22,086,794 shares at conversion prices in effect 2026-07-10
- ▸30,060,121 remaining YA Series 1-4 warrants (deep out of the money post-split but subject to weighted-average anti-dilution resets)
- ▸32,792,859 February 2026 common warrants plus 437,239 placement agent warrants (anti-dilution protected)
- ▸Tekne Earn-Out payable in stock at Company option at 20-day VWAP, up to €29,692,000 over 2027-2036
- ▸Weighted-average anti-dilution provisions across notes, preferred and warrants that reset strike/conversion prices downward on every sub-market issuance
- ▸Third reverse stock split already stockholder-approved and intended on the OTC market
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